Blankfein Says Goldman Director Gave Rajaratnam Tips

Law360, New York (March 23, 2011, 2:42 PM EDT) -- Goldman Sachs Group Inc. CEO Lloyd C. Blankfein took the stand on Wednesday in the insider trading trial of Raj Rajaratnam, testifying that a former board member of the investment bank gave the hedge fund chief secrets about acquisition plans.

Under questioning by Assistant U.S. Attorney Andrew Michaelson, Blankfein testified in the U.S. District Court for the Southern District of New York that the former board member, Rajat Gupta, gave Galleon Group LLC founder Rajaratnam sensitive board meeting details in a July 2008 telephone call....